Back to top
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Xcel Energy Inc. (XEL) - free report >>
NextEra Energy, Inc. (NEE) - free report >>
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Xcel Energy Inc. (XEL) - free report >>
NextEra Energy, Inc. (NEE) - free report >>
Image: Bigstock
Dominion (D) Gets Nod to Develop 2.6 GW Offshore Wind Project
Dominion Energy (D - Free Report) announced that it received the last two major federal approvals essential to begin the construction of its 2.6-gigawatt (GW) Coastal Virginia Offshore Wind (“CVOW”). Once fully functional in late 2026, this massive wind project will be able to provide clean electricity to 660,000 homes.
The project will consist of 176 turbines and three offshore substations in a nearly 113,000-acre lease area off the coast of Virginia Beach. The CVOW project is currently on time and on budget.
Transition in Energy Space
A clear transition is evident in the energy space due to the initiatives undertaken by utilities operating in the United States. The utilities are retiring old coal plants, investing in clean and fuel-efficient natural gas plants and have already started to develop utility-scale renewable projects.
The ongoing research and development work has lowered the cost of developing renewable projects. Government incentives are also assisting utilities in developing clean energy projects.
Per a recent release from the U.S. Energy Information Administration (“EIA”), wind and solar energy will lead to growth in U.S. power generation for the next two years. Per the EIA, wind power generation will grow 11% from 430 billion kWh in 2023 to 476 billion kWh in 2025.
Utilities like NextEra Energy (NEE - Free Report) , Xcel Energy (XEL - Free Report) and Southern Company (SO - Free Report) , among others, are investing steadily in developing wind projects and providing clean electricity to millions of customers.
NextEra Energy currently has 126 projects in 19 states and Canada, with more than 14,100 megawatts (MW) of wind generation in operation.
Xcel Energy has already crossed 10,000 MW of wind power capacity and aims to add more to its generation portfolio.
Southern Company, along with its subsidiaries and various partners, owns or operates 55 facilities operating or under development in 15 states with more than 12,840 MW of wind generating capacity.
Price Performance
In the past three months, shares of Dominion have gained 13.7% compared with the industry’s 2.9% growth.
Image Source: Zacks Investment Research
Zacks Rank
D currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.